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    <h1>China Boss in Peru on $50 Billion Peak Bought for $810 Million</h1>

        

        
        

        <div id="story_meta">
            <cite class="byline">
              By <span class="author">Bloomberg News</span> - 
              <span class='datestamp'><script type="text/javascript">document.write(dateFormat(new Date(1288648860000),"mmm d, yyyy h:MM TT Z"));</script>
<noscript>Mon Nov 01 22:01:00 GMT 2010</noscript></span>
            </cite>
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<div class="story_inline assets">
    


    


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        <div class="image thumbnail">
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                  <img alt="China Boss in Peru on $50 Billion Peak " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iimODmqjtcQU" />            </div>
        <p class="caption">“As long as the government supports us, there is great opportunity,” Li Shiping, owner of the Yuanhua smelter says. “To be honest, making money is easy.” Photographer: Qilai Shen/Bloomberg </p>
    </div>
    
        
            <div class="image thumbnail video">
    <div class="thumbnail_container">
                  <img alt="Andes Villagers Resist China's Claim on $50 Billion Mine " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=imZ_ozxmuGj0" />                <div class="overlay">&nbsp;</div>
                <div class="play_video_link"><a href="/video/64165374/">Play Video</a></div>
            </div>
        <p class="caption">     Nov. 2 (Bloomberg) -- Before Aluminum Corp. of China, known as Chinalco, can mine the more than $50 billion of copper ore buried in the Toromocho mountain in Peru, the company must get the residents of the nearby town of Morococha to leave their land.
     Some residents are resisting the move, despite the offer of a free house in a newly built town. They want a greater share of the spoils. The problem illustrates the challenges global mining companies face as copper resources decline, consumer demand increases and exploration is pushed to the frontiers of the earth. (Source: Bloomberg) </p>
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            <div class="image thumbnail video">
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                  <img alt="Stapleton Roy Interview on China's Demand for Resources " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iR6rAJ12l0oM" />                <div class="overlay">&nbsp;</div>
                <div class="play_video_link"><a href="/video/64164856/">Play Video</a></div>
            </div>
        <p class="caption">     Nov. 2 (Bloomberg) -- Former U.S. Ambassador to China Stapleton Roy talks with Bloomberg's Elliot Blair Smith about the impact of China's demand for natural resources on the country and world.
     They speak in Washington on Oct. 8. (Source: Bloomberg) </p>
    </div>
    
        
        
        
        
        
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                  <img alt="Shiping's Yuanhua smelter " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=i6xaW9XXO_Lw" />            </div>
        <p class="caption">The Yuanhua smelter in Dao County, China. Photographer: Qilai Shen/Bloomberg </p>
    </div>
    
        
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                  <img alt="Morococha, Peru " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iKiwanS8G.Mk" />            </div>
        <p class="caption">China’s global ambitions are clashing with villagers concerns in Morococha, perched at 15,000 feet on the side of a mountain. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="Mountains overlook the town of Morococha " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=inPt547Krh.c" />            </div>
        <p class="caption">Mountains overlook the town of Morococha, Peru, on April 5, 2010. A Chinese state-owned mining company will tear down the peak in Peru and ship home the copper. It plans to relocate the town of Morococha, population 5,397. Photographer: Karel Navarro/Bloomberg </p>
    </div>
    
        
            <div class="image thumbnail">
    <div class="thumbnail_container">
                  <img alt="Victor Raul Ancieta in his family's shop in Morococha " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=im97Zbl7_tqs" />            </div>
        <p class="caption">“We’re not opposed to foreign investment,” says Ancieta, 59,  “We’re opposed to investment that doesn’t change the quality of our lives." Photographer: Peter van Agtmael/Bloomberg Businessweek </p>
    </div>
    
        
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                  <img alt="A mother walks with her children in Morococha " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iAOETIGhr534" />            </div>
        <p class="caption">Chinalco plans to relocate Morococha, population 5,397. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="Children run down a street in Morococha " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=i2poMsSjN5DI" />            </div>
        <p class="caption">Open sewers flow down the streets of Morococha, which sits on toxic waste from a century of small-scale mining. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="Estella Bedoya in Morococha's public laundry " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=imqV_g.p2Lag" />            </div>
        <p class="caption">Estella Bedoya, 26, whose husband is a miner, says she wants to go to the new town Chinalco will build. “Here we’re on contaminated land. I don’t like it. It’s not good for the children.” Photographer: Peter van Agtmael/Bloomberg Businessweek </p>
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                  <img alt="Jhonny Egoavil Frias, center, opposes Chinalco's plans " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iw6cMrUYKCAc" />            </div>
        <p class="caption">Egoavil, says “To us Chinalco isn’t responsible mining. It’s irresponsible mining.” Photographer: Peter van Agtmael/Bloomberg Businessweek </p>
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                  <img alt="A worker at Chinalco's temporary base camp washes his hands " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iyVayjPIgdfU" />            </div>
        <p class="caption">The mine will create 2,400 jobs, according to Chinalco. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="A train carrying minerals cuts across the side of a mountain " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iF2F0iLNX5bs" />            </div>
        <p class="caption">A Ferrocarril Central Andino (FCCA) train runs along the side of a mountain near Morococha. Peru's exports of iron and copper to China helped its economy expand almost 12 percent in the year through June, the fastest in South America. Photographer: Karel Navarro </p>
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                  <img alt="A former state-owned mine camp, now owned by Chinalco " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iz6t7oZtO54A" />            </div>
        <p class="caption">The Toromocho project is part of $11 billion in Chinese mining investments planned in Peru. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="The temporary base camp at Chinalco's Toromocho Project " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iyEwPZpFfVd8" />            </div>
        <p class="caption">The Toromocho project will generate about $1.5 billion in payments to local and regional governments over the 30-year life of the mine, according to Chinalco’s environmental impact assessment. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="A truck travels along Carretera Central to Morococha " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=icNpjdWQmciY" />            </div>
        <p class="caption">The 88-mile road to Morococha starts at the Port of Callao and is marked by hairpin turns and a hostile environment for the unaccustomed. Photographer: Karel Navarro/Bloomberg </p>
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                  <img alt="American geologist and explorer David Lowell " src="http://www.bloomberg.com/apps/data?pid=avimage&amp;iid=iCsejVexCT64" />            </div>
        <p class="caption">Lowell arrived in Morococha in 2002 and surveyed the mountain for six months before coming to the conclusion that Toromocho held a potential multibillion-dollar deposit. Photographer: Elliot Smith/Bloomberg </p>
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              <p>The Chinese entrepreneur and the
Peruvian shopkeeper have never met. Yet Li Shiping’s dream of
riches and success in China is uprooting Victor Raul Ancieta’s
village 18,000 kilometers (11,000 miles) away in the Andes. </p>
<p>Their lives are joined by a thread of copper stretching
from Dao County in southern Hunan province to a $50 billion
deposit of ore underneath the 103-year-old mining town in <a href="http://topics.bloomberg.com/peru/" density="sparse">Peru</a>. </p>
<p>Li, 47, owns a smelting company that is about to fire up a
new electric furnace made with 110 tons of copper, one of
thousands of industrial projects in China’s developing interior.
To stoke them, a Chinese state-owned mining company will tear
down the peak in Peru and ship home the copper. It plans to
relocate the town of Morococha, population 5,397. Many,
including Ancieta, don’t want to leave. </p>
<p>The project is part of $11 billion in Chinese mining
investments planned for Peru, a quarter of the country’s total,
according to Fernando Gala, the Peruvian vice minister of mines.
China is prospecting for mineral treasures around the world as
it develops faster than any major economy in history. Its copper
use is growing so quickly that by 2035 global demand for the
metal may outstrip supply by 11 million tons, according to CRU,
a London-based mining and metals consulting firm. </p>
<p>That’s equal to 55 times the planned annual output in
Morococha, where a crater 800 meters (2,600 feet) deep and a
third larger than <a href="http://topics.bloomberg.com/new-york-city/" density="full">New York City</a>’s Central Park will be left
behind. The copper supply gap is driving up prices and
foreshadows more conflicts in places like the mountain village. </p>
<h2>‘Wealth and Power’ </h2>
<p>“What China wants is wealth and power,” says Stapleton Roy, U.S. ambassador to China from 1991 to 1995. “What we have
to fear from China is that as it gets stronger and wealthier, it
does not develop a commensurate sense of responsibility to the
global system.” Roy, 75, was born in <a href="http://topics.bloomberg.com/china/" density="sparse">China</a> and witnessed the
Communist revolution. He heads the Kissinger <a href="http://www.wilsoncenter.org/index.cfm?fuseaction=topics.home&amp;topic_id=514556" title="Open Web Site" rel="external" density="full">Institute on China</a>
and the <a href="http://topics.bloomberg.com/united-states/" density="full">United States</a> in <a href="http://topics.bloomberg.com/washington/" density="full">Washington</a>. </p>
<p>Great powers have always reached beyond their borders for
wealth and resources, including the U.S. as it built the world’s
largest economy. Today, China’s purchases of copper, iron, oil
and other materials pour cash into resource-producing countries
like Peru, while its exports hold down prices for consumers
around the world. </p>
<p>“A lot of countries are benefiting” from China’s demand,
says <a href="http://topics.bloomberg.com/nicholas-lardy/" density="full">Nicholas Lardy</a>, a senior fellow at the Peterson Institute
for International Economics in Washington and an author of the
2008 book, “China’s Rise: Challenges and Opportunities.” “You
don’t hear so many complaints from the countries that are the
recipients of the Chinese investment.” </p>
<h2>50,000 Skyscrapers </h2>
<p>More than half of China’s 1.3 billion people live in rural
areas. Over the next 15 years, the country will need 50,000
skyscrapers, 170 mass transit systems and urban housing for 350
million people as it develops the interior, according to a 2009
study by the <a href="http://www.mckinsey.com/mgi/publications/china_urban_billion/" title="Open Web Site" rel="external" density="full">McKinsey Global Institute</a>, a research arm of New
York-based McKinsey &amp; Co. That represents a potential doubling
of the domestic market for autos, appliances, televisions and
other <a href="http://topics.bloomberg.com/consumer-goods/" density="full">consumer goods</a>. </p>
<p>Copper -- first smelted over wood fires <a href="http://www.copper.org" title="Open Web Site" rel="external" density="full">10,000 years</a> ago --
is at the center of it all, conveying the country’s electrical
pulse and providing the nervous system for the computers,
dishwashers and microwaves China makes for the world. </p>
<p>Beijing-based Aluminum Corp. of China, known as Chinalco,
bought the mineral rights in 2007 to the mountain in central
Peru called Toromocho -- Spanish for bull without horns -- one
of the world’s richest copper claims. Chinalco plans to begin
mining in 2013, subject to federal environmental approval. </p>
<p> <a href="http://topics.bloomberg.com/afghanistan/" density="full">Afghanistan</a> to Zambia </p>
<p>The $810 million purchase is part of about $5 billion that
Chinese companies have spent buying more than a dozen copper
mines and deposits from Afghanistan to Zambia in the past four
years, according to securities filings and company statements.
The foreign acquisitions line up about 1.6 million tons of
potential annual supply, based on <a href="http://two-n.com/bloomberg/story12/07/" title="Open Web Site" rel="external" density="full">data compiled by Bloomberg</a>.
China would absorb that amount by the end of 2014 at its present
growth rate, according to CRU’s forecast. </p>
<p>Former Chinese leader Jiang Zemin began articulating a
<a href="http://finance.people.com.cn/GB/70392/8313311.html" title="Open Web Site" rel="external" density="full">“going out” strategy</a> of buying resources abroad in 2000. It is
one of China’s greatest foreign adventures since the 15th
century, when the admiral Zheng He led seven trade missions as
far as <a href="http://topics.bloomberg.com/africa/" density="full">Africa</a>. Jiang’s successor, Hu Jintao, advanced the
policy, and Chinalco is helping execute it. </p>
<p>Peru, on <a href="http://topics.bloomberg.com/south-america/" density="full">South America</a>’s Pacific coast, is the world’s
fastest-growing copper producing country. Exports of iron and
copper to China helped its economy expand almost 12 percent in
the year through June, the strongest on the continent. </p>
<h2>Clash With Villagers </h2>
<p>China’s global ambitions are clashing with villagers’
concerns in Morococha, perched at 4,600 meters. Ancieta and
other landowners whose families have lived there for generations
say they object to being displaced without adequate compensation
for their homes, stores and land. </p>
<p>“We’re not opposed to foreign investment,” says Ancieta,
60, standing in the gloom of his family’s 70-year-old general
store, crammed with cooking pans, wrenches, soccer balls and
beer. “We’re opposed to investment that doesn’t change the
quality of our lives.” </p>
<p>Chinalco hopes that differences with the villagers can be
resolved through “mutual efforts,” says Peng Huaisheng, vice
president of Chinalco’s copper division in Beijing and chairman
of the company’s Peruvian subsidiary. In a report to Peru
authorities last year, Chinalco projected its mine would create
2,400 jobs and produce $1.5 billion in payments to local and
regional governments over 30 years. </p>
<p>Mining waste will cover an area twice as big as the crater,
according to the company’s environmental impact assessment. </p>
<h2>Tectonic Shift </h2>
<p>The colliding interests on Toromocho are part of a tectonic
shift in the global economy. Over the next 20 years, China and
the rest of <a href="http://topics.bloomberg.com/asia/" density="full">Asia</a> will trade places with the U.S. and <a href="http://topics.bloomberg.com/europe/" density="full">Europe</a> for
leadership, says <a href="http://people.brandeis.edu/~ppetri/" title="Open Web Site" rel="external" density="full">Peter Petri</a>, a professor of international
finance at Brandeis University in Waltham, <a href="http://topics.bloomberg.com/massachusetts/" density="full">Massachusetts</a>. </p>
<p>By 2030, Asia’s equity markets and foreign trade will be 20
percent larger than the West’s and will consume 40 percent more
energy while emitting twice as much carbon dioxide, Petri says. </p>
<p>How China wields influence will determine the way its
investments are received, says Daniel Rosen, a principal of
Rhodium Group, a New York-based economic advisory firm. China’s
dominant market position in the production of rare earth metals
is producing a backlash for the country, he says. Its 40 percent
reduction in this year’s export quotas on the materials used in
laptop computers, hybrid cars and smart bombs “made it
impossible for anybody to tell a benign story about China’s
intentions once it has market power,” Rosen says. </p>
<h2>Copper Surges </h2>
<p>China’s annual needs for copper will almost triple to 20
million tons by 2035, CRU projects. In 2010, it will consume 6.8
million tons, 38 percent of global production, after more than
doubling its share of world purchases this decade, CRU says. </p>
<p>As a result, copper has almost tripled on the London Metal
Exchange since December 2008 despite the global recession. The
metal closed at $8,200 a metric ton on Oct. 29. <a href="http://topics.bloomberg.com/jeremy-gray/" density="full">Jeremy Gray</a>,
global head of resources at <a topic_url="http://topics.bloomberg.com/standard-chartered-plc/" href="http://www.bloomberg.com/apps/quote?ticker=STAN%3ALN" density="sparse" title="Get Quote" ticker="STAN:LN" class="web_ticker">Standard Chartered Plc</a> in Hong Kong,
calls copper “red gold.” He says the price may rise almost 50
percent more to $12,000 in six to 12 months. </p>
<p>As China’s companies circle the globe, they are moving into
more remote and dangerous corners. In Morococha, helmeted riot
police fired teargas in January to disperse a rock-throwing
crowd protesting the mining project. The shopkeeper Ancieta’s
niece was one of those arrested. </p>
<p>Guards hired by another Chinese company, Fujian province-
based Zijin Mining Group Co., repelled an attack at its Rio
Blanco copper claim in a Peruvian cloud forest last November.
Two employees died. In Afghanistan, two Chinese companies were
clearing military explosives to develop the Aynak copper deposit
35 kilometers southeast of Kabul. </p>
<h2>Toxic Waste </h2>
<p>The villagers in Morococha may ultimately be better off
with Chinalco, says the Reverend Joseph Deardorff, a 54-year-
old, white-haired American priest at the local Catholic church.
The town sits on toxic waste from a century of small-scale
mining. Households lack running water and almost half have no
electricity, according to government data in Chinalco’s
environmental impact assessment. Open sewers flow down the
streets. Respiratory infections cause 40 percent of deaths, the
government reports. </p>
<p>“A majority of the children have parasites,” Deardorff
says after leading a service. Outside the church, a memorial
depicts a miner kneeling before the Virgin Mary. </p>
<p>Chinalco is offering the villagers free houses and modern
utilities in a new town it proposes to build. Ten kilometers
down the road, the company bought 182 hectares (450 acres) of
ranchland from the Hacienda Pucara, where it says it will erect
a church, cemetery, health clinic, schools and market. </p>
<h2>Jobs, Revenue </h2>
<p>Migrant workers who rent houses or live in company camps,
about two-thirds of the residents, embrace the offer of
permanent jobs and free homes. </p>
<p>“We want to go,” says Estella Bedoya, whose husband is a
miner. “Here we’re on contaminated land. I don’t like it. It’s
not good for the children.” </p>
<p>China’s demand means new jobs and revenue for a generation.
Peru and China signed a trade agreement in April 2009 in Beijing
that became effective this March. Peru’s exports rose 31 percent
through September, lifted by sales of copper, gold and fishmeal,
according to Comexperu, a business trade group based in <a href="http://topics.bloomberg.com/lima/" density="full">Lima</a>.
The U.S. and China each accounted for a sixth of those sales. </p>
<p>“In 30 or 40 years, this is not going to be the United
States’ back patio anymore,” says Victor Miranda, head of
communications in the Peruvian ministry of foreign investment.
“It’s going to be a projection of China.” </p>
<h2>Beckoning Treasure Seekers </h2>
<p>Since the Spanish conquest, Peru has beckoned treasure-
seeking foreigners. It is the world’s largest producer of
silver, second-largest of copper and zinc and third-largest of
tin. After Francisco Pizarro executed the Inca king Atahualpa in
1533, the Spanish shipped home tons of bullion in a 300-year
stream of galleons laden with silver and gold. </p>
<p>In the 19th century, American and British businessmen
snatched up Peru’s mineral wealth. One was George Hearst, father
of newspaper magnate William Randolph Hearst. Henry Meiggs,
builder of Fisherman’s Wharf in <a href="http://topics.bloomberg.com/san-francisco/" density="sparse">San Francisco</a>, constructed a
gravity-defying railroad past Toromocho in the 1870s to carry
riches from the Andes. His workforce included 5,000 indentured
Chinese workers known as coolies, one step shy of slaves. </p>
<h2>Road to Morococha </h2>
<p>The 142-kilometer road to Morococha starts at the Port of
Callao. The route is marked by white crosses that commemorate
fatal accidents along a rise of hairpin turns. Wild daisies grow
amid banana trees, weeds, donkeys, sheep and turkeys. It is a
hostile environment for the unaccustomed. </p>
<p>Oxygen deprivation at Morococha’s elevation -- three miles
above sea level -- can reduce short-term memory by almost a
quarter, attention span by a third and visual sensitivity by
half before the body adjusts, according to John West and Anthony
Readhead, California-based researchers on extreme altitudes. </p>
<p>Subsistence miners have carved a living out of the treeless
mountains around Morococha for decades. Bore holes pock the
hillside like termite holes in rotted wood. Steel beams and
metal netting prop up collapsing slopes. Amid falling copper
prices and nationalization of the country’s mines, the town had
been in decline for two decades before the American explorer
David Lowell, now 82, arrived in 2002. </p>
<p>Lowell surveyed the jagged peaks inhabited by condors,
Andean cats and foxes. After six months, he concluded that
Toromocho held a potential multibillion-dollar deposit, he said
in an interview. In May 2003, he paid the Peruvian government $2
million for an option on the mineral rights. He rolled that
stake into Peru Copper Inc. and sold the company to Chinalco
four years later. </p>
<h2>Chinalco’s Purchase </h2>
<p>Formed in 2001 through the consolidation of 12 state
companies, Chinalco employs 240,000 and owns 9 percent of
London-based Rio Tinto Group, the world’s third-largest mining
company by revenue. Xiao Yaqing, Chinalco’s former president, is
a member of China’s cabinet and the Communist Party’s central
committee. </p>
<p>China “has a relatively poor endowment of metal raw
materials relative to its share in global consumption,”
according to Michael Widmer, a London-based metals strategist
for the Merrill Lynch unit of Bank of America Corp. It will
produce just 10 percent of the world’s copper by the end of
2011, Widmer wrote in a Sept. 7 research note. </p>
<p>“They’re trying to lock down as much as they can, which no
other government seems to be doing,” says Jeffrey L. Fiedler, a
member of the U.S.-China Economic and Security Review Commission
in Washington, which is appointed by Congress. “They seem not
to trust the market or don’t want to depend on it.” </p>
<p>China’s National Development and Reform Commission, the
Ministry of Commerce and Ministry of Land and Resources didn’t
respond to requests for comment. </p>
<h2>Li Shiping’s Rise </h2>
<p>A decade ago, Li Shiping was teaching in a village school
in Hunan province. To buy chicken and fish, he walked 10
kilometers on a dirt path to the nearest market, he says. His
transformation into an entrepreneur began when he saw neighbors
getting rich selling manganese ore from local mines. </p>
<p>Li borrowed 50,000 yuan ($7,500) from relatives and learned
the metals trade. Within four years, he had acquired a mine and
made 300,000 yuan, enough to rent a small smelting furnace. Two
years later, he built his own, and his wealth grew. </p>
<p>In Dao County, 100 kilometers south of the village, then-
Deputy Mayor Zhou Xinhui invited him in 2008 to invest in the
rural area of 720,000 people. Zhou drove him down a muddy road
to an abandoned weapons plant. He liked the site. Soon
truckloads of steel began arriving and construction started. </p>
<h2>Li’s Furnace </h2>
<p>Zhou Shunzhu, a mother of two, has one of the 80 jobs he
created, pushing handcarts loaded with coke. It was her first
regular employment. She and her family couldn’t survive on their
1 mu of farmland (670 square meters, a sixth of an acre). </p>
<p>“Farming doesn’t feed us enough,” says Zhou, her hair
tucked under a denim hat. </p>
<p><a href="http://www.yzyhyl.com/" title="Open Web Site" rel="external" density="full">Li’s installation</a> is part of the mosaic China is assembling
to carry out its expansion. His operation makes alloys for steel
used in building houses, factories and railroads. </p>
<p>He also embodies the transformation of Dao County. During
Mao Zedong’s Cultural Revolution in 1967, the area was the scene
of a 66-day killing spree whose targets included former land
owners and wealthy farmers, according to a Dao almanac. More
than 4,500 people died, a <a href="http://topics.bloomberg.com/hong-kong/" density="sparse">Hong Kong</a> magazine reported in 2001. </p>
<p>Li’s furnace will burn 170 million kilowatt-hours of
electricity annually, equal to a third of Dao’s projected usage
this year, according to the local power bureau. To accommodate
such demand, China plans to increase national electrical
capacity 89 percent to 1,650 gigawatts in 2020 from 874
gigawatts last year, according to the China Electricity Council. </p>
<h2>‘Making Money’ </h2>
<p>The rise in China’s copper consumption parallels the
expansion of electrical capacity. Taking into account the
central government’s planning cycles and time for the metal to
be put to use, power-generating capacity lags behind copper
consumption by about five years, based on data compiled by
Bloomberg. </p>
<p>One sunny day in June, Li steps out of his black Chinese-
made Buick LaCrosse and strides past piles of manganese to his
furnace. The ore will be heated to almost 2,000 degrees Celsius
(3,600 degrees Fahrenheit) during smelting. The plant will run
around the clock. The trunk of his Buick is packed with bottles
of Great Wall red wine, Gujing Chinese liquor and Furongwang
cigarettes. These are local officials’ favorite brands, he says. </p>
<p>“As long as the government supports us, there is great
opportunity,” Li says. “To be honest, making money is easy.” </p>
<h2>Protest in Morococha </h2>
<p>In a dingy yellow workers’ cafeteria in Morococha, Jhonny
Egoavil Frias and 20 other property owners opposed to Chinalco
huddle together on a rainy day in April. Throughout Peru, the
company’s radio and television ads promote a bright future. </p>
<p>“Chinalco is building a new city of Morococha with an
investment of $50 million,” according to the Spanish-language
announcement. “First a new city. Then the initialization of
operations. This is responsible mining. We’re Chinalco. We
believe in Peru.” </p>
<p>The group led by Egoavil voices dismay at its inability to
negotiate on the property owners’ terms. </p>
<p>“Chinalco utilizes mass advertising to associate itself
with ‘responsible mining,’” Egoavil says. “To us Chinalco
isn’t responsible mining. It’s irresponsible mining.” </p>
<p>Some property owners, who together make up about a third of
the population, say Chinalco is offering a 10th of what they
should get, and the values don’t reflect the copper or the
disruption of ties to the land going back generations. </p>
<p>“The price they’re offering is rock bottom,” says
Ancieta. “They’re paying billions of dollars for the mineral
resource. Besides that, what value do you assign to the fact
many of us were born here and now they want to move us out?” </p>
<h2>Rocks, Teargas </h2>
<p>Gerald Wolfe, 54, a Canadian who is president of Chinalco’s
unit in Peru, says the company is offering “many times more
than anybody else ever would have.” </p>
<p>The conflict boiled over at a Jan. 15 public meeting.
Peruvian officials presented Chinalco’s several thousand-page
impact study to the community, as required by law. In a school
auditorium, 1,751 people gathered, many of them outsiders
brought aboard 14 company buses, according to Mayor Marcial
Salome Ponce. He strode to the podium demanding the meeting be
suspended and stalked out when he was refused, he said. </p>
<p>Outside, national police with helmets, shields and guns
confronted as many as 100 villagers. A woman heaved a pail of
water at policemen and people behind her threw rocks, according
to a Chinalco video and security photos. Police fired teargas. </p>
<p>“Chinalco is using force to win approval of its project,”
Ancieta says. “There have been 100 years of mining exploitation
in Morococha, and we remain mired in poverty.” As he spoke,
dust streamed to the floor from a fight between two cats in the
rafters of his shop. </p>
<h2>‘Asymmetrical Relationship’ </h2>
<p>“The asymmetrical relationship doesn’t favor an equitable
solution,” says Jose De Echave, head of CooperAccion, a mining
watchdog group in Lima. “You have one powerful actor imposing
conditions, and a local population without reinforcements.” </p>
<p>The townsfolk feel powerless because they have little say
in the outcome, says Victor Torres, the Peruvian co-author of
the book, “The Chinese Economy and Extractive Industries:
Challenges for Peru.” Toromocho’s development has been largely
a state-to-state negotiation, he says. </p>
<p>“When Peru has a difference with a Chinese firm, it won’t
be with the firm that we negotiate, but with the government
itself,” Torres said in an interview. </p>
<h2>Li’s Ambition </h2>
<p>Wearing a yellow T-shirt, Li Shiping meets with a business
partner one evening at the Miluo Café in central <a href="http://www.dx.gov.cn/" title="Open Web Site" rel="external" density="full">Dao</a>. County
records value his smelter at 60 million yuan ($9 million). Li
says he put 40 million yuan of his own money into the furnace
and borrowed the rest. </p>
<p>He shares a metal-price quote from a message on his gold-
colored Changhong mobile phone. </p>
<p>“I should expand production and keep the products in a
stockpile,” Li says, speaking rapidly in a country accent. </p>
<p>He also wants to list his company, Yongzhou Dao County
Yuanhua Smelter Co., on one of China’s stock exchanges and put
its name on a hotel in Dao. Li already owns two homes and four
cars, he says. His 28-year-old wife, Yang Junfeng, would be
content to buy a row of shops and retire on the rental income,
he says. </p>
<p>“But that’s not what I have in mind,” Li says. “I want
to achieve something.” </p>
<p>--Elliot Blair Smith and Fan Wenxin, with assistance from Dune Lawrence and Wendy Soong in <a href="http://topics.bloomberg.com/new-york/" density="sparse">New York</a> and Xiao Yu in Beijing.
Editors: Robert L. Simison, Neil Western. </p>
<p>To contact the reporters on this story:
Elliot Blair Smith in Morococha, Peru, at 
<a href="mailto:esmith29@bloomberg.net" title="Send E-mail" density="mailto">esmith29@bloomberg.net</a>;
Fan Wenxin in <a href="http://topics.bloomberg.com/shanghai/" density="full">Shanghai</a> at 
<a href="mailto:wfan19@bloomberg.net" title="Send E-mail" density="mailto">wfan19@bloomberg.net</a>. </p>
<p>To contact the editors responsible for this story:
Melissa Pozsgay at  <a href="mailto:mpozsgay@bloomberg.net" title="Send E-mail" density="mailto">mpozsgay@bloomberg.net</a>
Robert L. Simison at  <a href="mailto:rsimison@bloomberg.net" title="Send E-mail" density="mailto">rsimison@bloomberg.net</a> </p>
                    
          
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